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VOL. 128 | NO. 207 | Wednesday, October 23, 2013

Daily Digest

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Developer Sells Two Family Dollar Stores

The local developer of Family Dollar stores has sold two of its newest locales, 1539 Kirby Whitten Road and 5245 Riverdale Road, for a combined $3.2 million.

Marketplace Development LLC sold the properties in separate Oct. 15 warranty deeds to University FD LLC, an affiliate of Newport Beach, Calif.-based real estate company United American Properties.

University FD bought the Kirby Whitten store for $1.5 million and the Riverdale store for $1.7 million.

Built this year, the Class B retail store at 1539 Kirby Whitten Road is 8,320 square feet and sits on slightly less than two acres along the west side of Kirby Whitten. The Shelby County Assessor of Property’s 2013 appraisal is $571,800.

Also built, the retail store at 5245 Riverdale is still listed by the assessor as vacant land with the address of 0 Holmes Road. Its current appraisal is $338,500.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Hospital: 3 Dead in Medical Helicopter Crash

Two hospital workers and a pilot were killed when a medical helicopter crashed in Tennessee as the aircraft was headed to pick up an ailing child.

Le Bonheur Children’s Hospital President and CEO Meri Armour says the Hospital Wing helicopter was cleared for both weather and flight plans when it took off Tuesday morning..

Authorities began searching for the helicopter when it didn’t respond during a routine check-in around 6:20 a.m.

Emergency officials found the helicopter’s remains in a wooded section of Somervile, about 45 miles east of Memphis in Fayette County.

In a news release, the hospital identified those killed as 47-year-old pilot Charles Smith, 43-year-old nurse Carrie Barlow and 43-year-old respiratory therapist Denise Adams.

– The Associated Press

Mueller Reports Income Gain For Busy Quarter

Memphis-based Mueller Industries Inc. posted net income for the third quarter of 2013 of $19.5 million, up from $15.5 million in net income from the third quarter of 2012.

An increase in net sales was offset by lower copper costs.

The quarter for the company that makes copper tube and fittings as well as brass and copper alloy rod as well as plastic fittings and valves also included an after-tax gain of $22.9 million from the sale of its plastic fittings business and related manufacturing assets.

During the same quarter, Mueller closed on its acquisition of Howell Metal Co., which makes copper tube and linesets sold and distributed in the U.S. The company is awaiting regulatory approval in the United Kingdom on its agreement to buy KME’s Yorkshire Copper Tube business, which makes copper distribution tubes to European standards.

– Bill Dries

Dixon: Bulletins to Serve as Family Passes to Exhibit

The Dixon Gallery and Gardens is letting church bulletins serve as a free pass for visitors and their families during the entire run of the exhibit “Ashe to Amen: African Americans and Biblical Imagery.”

Dixon director Kevin Sharp said the Dixon wants as many congregations in Memphis as possible to visit the show, which is on view through Jan. 5 and showcases the wealth and breadth of black artists’ interpretations of biblical stories and traditions.

The exhibit is organized by the Museum of Biblical Art in New York and investigates the shifting intersections of aesthetics and belief. It includes 59 works of art and design that date from the late 19th century to 2012 by nearly 50 artists, 24 of whom are still active.

– Andy Meek

Regions Financial Posts Lower Profit in Third Quarter

Regions Financial Corp. said Tuesday its net income fell 5 percent in the third quarter as revenue from mortgage loans declined.

Quarterly non-interest revenue, or earnings from fees and other charges, fell 7 percent from a year earlier, as mortgage loan production slowed during the quarter amid rising mortgage interest rates. Net interest income, or money earned from loans after factoring in interest expense, rose 2 percent, aided by higher loan balances. Loans written off as uncollectible dropped 56 percent to the lowest level in five years.

Net income for the Birmingham, Ala.-based bank fell to $285 million, or 20 cents per share, for the three months ended on Sept. 30. That’s down from $301 million, or 21 cents per share, last year. Revenue dipped to $1.32 billion from $1.35 billion.

Analysts polled by FactSet, on average, expected earnings of 21 cents per share on revenue of $1.32 billion for the quarter.

– The Associated Press

Supplier Meeting Set for Northeast Arkansas Steel Mill

A meeting is set for companies interested in acting as suppliers to a $1.1 billion steel mill planned for Northeast Arkansas.

The gathering is to run from 1 p.m. to 4 p.m. Wednesday at Arkansas Northeastern College in Blytheville.

The Jonesboro Sun reports that the Big River Steel project will need everything from construction help to running a cafeteria inside the plant.

Organizers project that the plant will create about 2,000 construction jobs and more than 500 permanent jobs once the plant is open. Mill workers will earn an average of more than $75,000 per year.

Mississippi County Judge Randy Carney said the project will boost the area’s economy.

– The Associated Press

Sluggish US Hiring Shows Effects of Budget Impasse

A dim view of the U.S. job market emerged Tuesday with a report that employers cut back on hiring in September just before a partial government shutdown began.

Just 148,000 jobs were added last month, a steep drop from August’s gain, though they were enough to lower unemployment to 7.2 percent from 7.3 percent in August. The report bolsters expectations that the Federal Reserve will maintain its pace of bond purchases for the rest of 2013 to try to keep long-term loan rates low.

The government’s release of the September jobs report had been delayed 2 1/2 weeks by the shutdown. Temporary layoffs during the 16-day shutdown will probably depress October’s job gain. That means a clear picture of the job market won’t emerge before November jobs figures are issued in December.

Average U.S. job growth has fallen sharply in the past three months after a promising start this year. The economy added an average of 143,000 jobs a month from July through September. That was down from the 182,000 average gain during from April through June and well below the 207,000-a-month pace from January through March.

The report “reinforces the impression that the labor market was losing a little momentum heading in to the shutdown,” said Josh Feinman, global chief economist at Deutsche Asset and Wealth Management. “The labor market is continuing to create jobs. ...It’s just frustratingly slow.”

– The Associated Press

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